# Carmignac Gestion

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1569758. Source: https://holderbook.com/funds/1569758-carmignac-gestion/

- Reported value: $7.7B
- Positions: 100
- Weight of the ten largest: 60.5%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $959.4M | 4,795,726 | 12.5% | 28 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $511.5M | 1,354,155 | 6.6% | 8 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $494.5M | 1,747,363 | 6.4% | 8 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $473.7M | 626,904 | 6.1% | 7 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $412.5M | 1,154,334 | 5.4% | 30 |
| TRADEWEB MKTS INC | [TW](https://holderbook.com/stocks/TW/) | $386.4M | 3,876,800 | 5.0% | 16 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $376.2M | 732,598 | 4.9% | 30 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $374.3M | 919,140 | 4.9% | 17 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $352.5M | 704,407 | 4.6% | 1 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $322.6M | 190,098 | 4.2% | 30 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $254.9M | 2,070,226 | 3.3% | 30 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $231.9M | 621,773 | 3.0% | 29 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $200.5M | 841,266 | 2.6% | 26 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $171.0M | 969,763 | 2.2% | 7 |
| LANTHEUS HLDGS INC | [LNTH](https://holderbook.com/stocks/LNTH/) | $148.7M | 1,340,100 | 1.9% | 8 |
| ATLASSIAN CORPORATION | [TEAM](https://holderbook.com/stocks/TEAM/) | $122.7M | 1,577,000 | 1.6% | 3 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $113.8M | 182,507 | 1.5% | 2 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $113.2M | 1,575,700 | 1.5% | 1 |
| EQUIFAX INC | [EFX](https://holderbook.com/stocks/EFX/) | $112.8M | 710,685 | 1.5% | 7 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $101.0M | 103,265 | 1.3% | 1 |
| ITAU UNIBANCO HLDG S A | [ITUB](https://holderbook.com/stocks/ITUB/) | $99.8M | 12,219,314 | 1.3% | 10 |
| BLOCK INC | [XYZ](https://holderbook.com/stocks/XYZ/) | $97.8M | 1,287,026 | 1.3% | 14 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $94.0M | 656,570 | 1.2% | 4 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $81.0M | 163,045 | 1.1% | 8 |
| CELESTICA INC | [CLS](https://holderbook.com/stocks/CLS/) | $70.5M | 193,200 | 0.9% | 1 |
| VIPSHOP HLDGS LTD | [VIPS](https://holderbook.com/stocks/VIPS/) | $65.2M | 4,920,324 | 0.8% | 12 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $62.3M | 651,818 | 0.8% | 28 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $58.3M | 103,560 | 0.8% | 16 |
| ALIGN TECHNOLOGY INC | [ALGN](https://holderbook.com/stocks/ALGN/) | $53.5M | 316,832 | 0.7% | 17 |
| DOXIMITY INC | [DOCS](https://holderbook.com/stocks/DOCS/) | $48.9M | 2,355,900 | 0.6% | 8 |
| GITLAB INC | [GTLB](https://holderbook.com/stocks/GTLB/) | $45.1M | 1,475,612 | 0.6% | 3 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $39.3M | 846,192 | 0.5% | 3 |
| VNET GROUP INC | [VNET](https://holderbook.com/stocks/VNET/) | $38.1M | 4,760,599 | 0.5% | 5 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $36.9M | 371,803 | 0.5% | 16 |
| NEUROCRINE BIOSCIENCES INC | [NBIX](https://holderbook.com/stocks/NBIX/) | $36.1M | 214,100 | 0.5% | 2 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $35.4M | 630,700 | 0.5% | 1 |
| SPROUTS FMRS MKT INC | [SFM](https://holderbook.com/stocks/SFM/) | $31.7M | 375,200 | 0.4% | 2 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $28.8M | 168,723 | 0.4% | 1 |
| VESTA REAL ESTATE CORP | [VTMX](https://holderbook.com/stocks/VTMX/) | $28.5M | 829,302 | 0.4% | 11 |
| BBB FOODS INC | [TBBB](https://holderbook.com/stocks/TBBB/) | $27.9M | 670,106 | 0.4% | 1 |
| IONIS PHARMACEUTICALS INC | [IONS](https://holderbook.com/stocks/IONS/) | $25.5M | 321,000 | 0.3% | 1 |
| TENCENT MUSIC ENTMT GROUP | [TME](https://holderbook.com/stocks/TME/) | $24.3M | 2,903,426 | 0.3% | 10 |
| KASPI KZ JSC | [KSPI](https://holderbook.com/stocks/KSPI/) | $19.6M | 226,666 | 0.3% | 8 |
| GLOBE LIFE INC | [GL](https://holderbook.com/stocks/GL/) | $19.1M | 107,100 | 0.2% | 6 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $18.3M | 199,143 | 0.2% | 3 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $17.6M | 113,584 | 0.2% | 30 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $17.5M | 83,723 | 0.2% | 5 |
| CHART INDS INC | [GTLS](https://holderbook.com/stocks/GTLS/) | $17.3M | 82,944 | 0.2% | 3 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $17.0M | 222,221 | 0.2% | 1 |
| NEW ORIENTAL ED & TECHNOLOGY | [EDU](https://holderbook.com/stocks/EDU/) | $16.9M | 368,392 | 0.2% | 15 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $12.3M | 72,457 | 0.2% | 6 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $11.3M | 76,813 | 0.1% | 18 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $10.0M | 48,934 | 0.1% | 3 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $10.0M | 20,956 | 0.1% | 30 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $9.3M | 26,374 | 0.1% | 15 |
| CHURCH & DWIGHT CO INC | [CHD](https://holderbook.com/stocks/CHD/) | $8.8M | 90,997 | 0.1% | 1 |
| SILICON LABORATORIES INC | [SLAB](https://holderbook.com/stocks/SLAB/) | $8.8M | 40,340 | 0.1% | 1 |
| LIVERAMP HLDGS INC | [RAMP](https://holderbook.com/stocks/RAMP/) | $8.8M | 234,126 | 0.1% | 1 |
| BIO-TECHNE CORP | [TECH](https://holderbook.com/stocks/TECH/) | $8.8M | 124,530 | 0.1% | 1 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $8.0M | 420,432 | 0.1% | 2 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $7.9M | 15,727 | 0.1% | 28 |
| BIONTECH SE | [BNTX](https://holderbook.com/stocks/BNTX/) | $7.4M | 79,875 | 0.1% | 8 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $7.4M | 276,857 | 0.1% | 2 |
| JANUS HENDERSON GROUP PLC | [JHG](https://holderbook.com/stocks/JHG/) | $7.1M | 137,300 | 0.1% | 2 |
| ORGANON & CO | [OGN](https://holderbook.com/stocks/OGN/) | $6.1M | 448,606 | 0.1% | 1 |
| APOGEE THERAPEUTICS INC | [APGE](https://holderbook.com/stocks/APGE/) | $5.9M | 44,475 | 0.1% | 1 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $5.9M | 47,657 | 0.1% | 1 |
| DIGITALBRIDGE GROUP INC | [DBRG](https://holderbook.com/stocks/DBRG/) | $5.8M | 369,415 | 0.1% | 1 |
| ESPERION THERAPEUTICS INC NE | [ESPR](https://holderbook.com/stocks/ESPR/) | $5.2M | 1,659,399 | 0.1% | 1 |
| LEGGETT & PLATT INC | [LEG](https://holderbook.com/stocks/LEG/) | $4.8M | 410,119 | 0.1% | 1 |
| PAYONEER GLOBAL INC | [PAYO](https://holderbook.com/stocks/PAYO/) | $3.0M | 426,354 | 0.0% | 1 |
| CAESARS ENTERTAINMENT INC NE | [CZR](https://holderbook.com/stocks/CZR/) | $3.0M | 100,508 | 0.0% | 1 |
| CATALYST PHARMACEUTICALS INC | [CPRX](https://holderbook.com/stocks/CPRX/) | $3.0M | 95,603 | 0.0% | 1 |
| OPEN LENDING CORP | [LPRO](https://holderbook.com/stocks/LPRO/) | $3.0M | 960,179 | 0.0% | 1 |
| GLOBAL BUSINESS TRAVEL GROUP | [GBTG](https://holderbook.com/stocks/GBTG/) | $3.0M | 316,463 | 0.0% | 1 |
| TALKSPACE INC | [TALK](https://holderbook.com/stocks/TALK/) | $2.9M | 556,771 | 0.0% | 1 |
| SELECT MED HLDGS CORP | [SEM](https://holderbook.com/stocks/SEM/) | $2.9M | 174,516 | 0.0% | 1 |
| TXNM ENERGY INC | [TXNM](https://holderbook.com/stocks/TXNM/) | $2.7M | 47,000 | 0.0% | 2 |
| OLAPLEX HLDGS INC | [OLPX](https://holderbook.com/stocks/OLPX/) | $2.6M | 1,252,648 | 0.0% | 1 |
| AVANOS MED INC | [AVNS](https://holderbook.com/stocks/AVNS/) | $2.2M | 89,418 | 0.0% | 1 |
| MAKEMYTRIP LIMITED MAURITIUS | [MMYT](https://holderbook.com/stocks/MMYT/) | $2.2M | 40,452 | 0.0% | 2 |
| INTERNATIONAL MONEY EXPRESS | [IMXI](https://holderbook.com/stocks/IMXI/) | $2.0M | 138,650 | 0.0% | 3 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $1.8M | 17,183 | 0.0% | 1 |
| QFIN HOLDINGS INC | [QFIN](https://holderbook.com/stocks/QFIN/) | $617.9K | 39,081 | 0.0% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $590.5K | 1,721 | 0.0% | 20 |
| DYNEX CAP INC | [DX](https://holderbook.com/stocks/DX/) | $587.9K | 44,846 | 0.0% | 1 |
| AGNC INVT CORP | [AGNC](https://holderbook.com/stocks/AGNC/) | $544.2K | 49,928 | 0.0% | 1 |
| ANNALY CAPITAL MANAGEMENT IN | [NLY](https://holderbook.com/stocks/NLY/) | $528.0K | 23,612 | 0.0% | 1 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $519.4K | 9,014 | 0.0% | 1 |
| EHANG HLDGS LTD | [EH](https://holderbook.com/stocks/EH/) | $504.3K | 76,985 | 0.0% | 21 |
| GLOBALFOUNDRIES INC | [GFS](https://holderbook.com/stocks/GFS/) | $471.3K | 5,719 | 0.0% | 1 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $469.0K | 19,475 | 0.0% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $167.7K | 232 | 0.0% | 1 |
| CLEAR CHANNEL OUTDOOR HLDGS | [CCO](https://holderbook.com/stocks/CCO/) | $141.5K | 58,471 | 0.0% | 1 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $0 | 0 | 0.0% | 1 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $0 | 0 | 0.0% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $0 | 0 | 0.0% | 1 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $0 | 0 | 0.0% | 2 |
| ANGLOGOLD ASHANTI PLC | [AU](https://holderbook.com/stocks/AU/) | $0 | 0 | 0.0% | 1 |
| BITDEER TECHNOLOGIES GROUP | [BTDR](https://holderbook.com/stocks/BTDR/) | $0 | 0 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2026 | -10.3% | -4.6% | -5.7% | 99% |
| Q4 2025 | +2.9% | +2.4% | +0.5% | 99% |
| Q3 2025 | +8.3% | +7.8% | +0.5% | 99% |
| Q2 2025 | +15.8% | +10.5% | +5.4% | 99% |
| Q1 2025 | -1.2% | -4.6% | +3.3% | 100% |
| Q4 2024 | -0.7% | +2.1% | -2.9% | 99% |
| Q3 2024 | +4.9% | +5.4% | -0.6% | 100% |
| Q2 2024 | +3.2% | +4.0% | -0.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $7.7B | 100 |
| Q4 2025 | $7.4B | 119 |
| Q3 2025 | $6.7B | 130 |
| Q2 2025 | $6.5B | 127 |
| Q1 2025 | $6.1B | 152 |
| Q4 2024 | $6.3B | 149 |
| Q3 2024 | $6.0B | 167 |
| Q2 2024 | $5.8B | 158 |
| Q1 2024 | $6.3B | 141 |
| Q4 2023 | $6.0B | 144 |
| Q3 2023 | $5.4B | 144 |
| Q2 2023 | $5.8B | 158 |